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The Times

Iran wants oil tariffs paid in Chinese yuan – is the power of the US petrodollar in decline?

  • Written by Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau
Iran wants oil tariffs paid in Chinese yuan – is the power of the US petrodollar in decline?Fadel Senna /AFP via Getty Images

After weeks of blockades by Iran and the United States in the Strait of Hormuz, it’s clear the narrow waterway is now pivotal to the outcome of the conflict.

The US has begun to escort ships through the narrow passage, but behind the military manoeuvring lies a deeper development: energy security in the...

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